FSB Fees Increase

A notice, published in the Government Gazette on 20 November 2013, formalised the increased fees payable to the FSB in respect of certain functions. Before we compare the new fees to the old, we must share some good news.

Those who wished to apply for an exemption in terms of the qualification and regulatory examination requirements were obliged to pay the full exemption application amount of R5 200. In terms of the new fee structure, the fee payable is only R1 500, but only in respect of the above two requirements. An application for any other exemption will now cost you R6 280 – an increase of 20.8%. As far as we are aware, you are still allowed to ask for an exemption from the fee payable for requesting an exemption.

The table below contains some of the more common occurrences in the lives of our readers. It is important to bear in mind that these fees were last updated in November 2010.

The fee for writing a regulatory exam, for instance, shows an increase from R900 to R1 050, or 16.7%, which brings the fee in line with the inflation rate over the preceding three years.

Application for exemption from any provision of the Act other than the qualification and regulatory examination requirements referred to in the Determination of Fit and Proper Requirements for FSPs, 2008.

R 5 200

R 6 280

20.8%

Application for exemption from the qualification and regulatory examination requirements referred to in the Determination of Fit and Proper Requirements for FSPs, 2008.

–

R 1 500

–

Application for approval as a compliance officer

Application for Phase I approval

R 1 060

R 1 350

27.4%

Regulatory Examinations

Examination fee per regulatory examination conducted in South Africa.

R 900

* R 1050

16.7%

Examination fee per regulatory examination conducted in a country other than South Africa.

About Paul Kruger

He is both editor and writer-in-chief of the Moonstone Monitor, the Moonstone Investment Indicators and the Moonstone Online website. After 35 years in financial services, he is as passionate about the industry as he is about sport, wine and music.